The resignations from Boris Johnson’s government come after he admitted he knew of sexual misconduct allegations against MP Chris Pincher before promoting him to deputy chief whip. Tory MPs have also told the Financial Times the prime minister told them he was more likely to propose early tax cuts now that Mr Sunak had gone. The paper notes markets will be watching what the change in chancellor will mean for economic policy, including the possibility of a looser fiscal regime that could force the Bank of England to raise interest rates.